How to Fight a Shopping Addiction
Based on my own experience — and based on conversations I've had with others — here are seven strategies you can use to fight a shopping addiction:
- Cut up your credit cards. If you have a problem with compulsive spending, destroy your credit cards now. Don’t make excuses. Don’t jot the account numbers someplace “just in case”. Don’t rationalize that you need them to help your credit score. If credit cards fuel your emotional spending, you’re better off without them. (You can always get new cards once you've learned better habits.)
- Carry cash only. Don’t use your checkbook or a debit card. Inconvenient? Absolutely, but that’s the point. If you’re a compulsive spender, your goal is to break the habit. To do this, you’ve got to make sacrifices. Spending cash is a way to remind yourself that you’re spending real money. Plastic (and to some degree checks) make this connection fuzzy.
- Track every penny you spend. You may not even be aware of how much you’re spending. Back when I let my emotions rule my financial life, I had no idea how many books I was buying, for example. But once I started tracking every dollar that came into and went out of my life, patterns became clear. When you see your spending patterns, you can act on them.
- Play mind games. For some people, money isn’t an emotional issue. They’re able to make logical choices and not be tempted to otherwise. They’re lucky. For most of us, however, it doesn’t work that way. If you’re in this majority, find ways to play tricks on yourself. You might train yourself to use the 30-day rule, for instance: When you see something you want, don’t buy it right away; instead, note it on your calendar for 30 days in the future. If you still want it in a month, consider buying it. I’ve found that I can keep myself from buying a lot of stuff by simply putting it on my Amazon wish list. I come back later and wonder why I was ever tempted!
- Avoid temptation. The best way to keep from spending is to avoid situations that tempt you to spend in the first place. If your weakness is books, stay out of bookstores and avoid Amazon. If you tend to overspend at big department stores, stay away from the mall. Stop going to the places where you normally spend, especially if you’re under emotional stress.
- Remind yourself of larger goals. I've struggled with my weight all my life. Whenever I'm tempted to eat something bad, I ask myself, “Will this help me or hurt me?” The same question can be asked when you're about to make an impulse purchase. Will your new toy bring you closer to your goals or move you further away? (If you're not clear on your larger goals, try drafting a personal mission statement.)
- Ask for help. There’s no shame in asking for help if you’re having trouble with your spending. Talk to a close friend or family member, and ask for support in breaking the cycle of compulsive spending. You may even want to seek professional help. But remember: If you ask for help, don’t get angry when your counselors call you on your missteps. Listen to what they have to say.
Actionable Items
It is tough for me to track all expenses I spend on credit card or cash from 1998 to 2002. I spent so much and I did not have the concrete number how much I spent on clothing from 1996 to 2010. I was so surprised that I had so many bags of clothing left, some of them were gone, like expensive quilt I purchased back in 2000. All I counted are expensive sofa, but I noticed those small items, I even could not remember what I purchased in 1999, which are added up to $5000 dollars.
I am doing my personal finance research starting from 2018 November. It is the first time I spent time to do book keeping from 1984 to 2018.
I am doing my personal finance research starting from 2018 November. It is the first time I spent time to do book keeping from 1984 to 2018.
One of ideas is to track all expenses, every item on credit card statement. This is the first time in my life I learn the importance to generate expenses report for every year.
Another thing is to list all items left in my home in the city of Vancouver, I like to find the dollar amount I paid for, what year, and other detail. I need to maintain an inventory list so that I can manage myself very well.
Another thing is to list all items left in my home in the city of Vancouver, I like to find the dollar amount I paid for, what year, and other detail. I need to maintain an inventory list so that I can manage myself very well.
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